Why revisiting this highly-sensitive March 2014 “Florange Law” now ?
Because the historic shareholders of French companies would automatically become in position to receive double voting rights (VRs) from 1 April 2016, unless the past relevant EGMs approved the insertion in the bylaws of the “one share, one vote principle”
- activists willing to block Florange-related resolutions would have needed to federate at least 1/3 of expressed votes
- possible attributions are exclusively reserved to shares which remained held in registered form for a least 2 years
In a nutshell
• Specific financial difficulties “rule out” several theoretical disposal initiatives
EDF ,Vallourec ,Soitec ,Areva ,Eramet ,…
• In other cases ,the delivery of double VRs will on the contrary open up fresh placing opportunities
Orange ,Renault ,Air France ,Engie ,ADP ,Safran ,Eiffage ,….